consumer credit

one homeogburnorg 5 Review Directions: Solve the problems below. 1. The Osbournes bought a color television set for $736.70. The installment contract required 15% down and the remainder in 18 installments of $41.16. What is the amount of the nance charge on the account? 2. Which would be the smarter buy? a. Samuel Evans wants to buy a piano for his daughter. He can borrow $1289 from his credit union at an annual rate of 15%. He would repay the credit union $44.69 per month for 36 months. Dr D. Samuel can nance the $1289 through the music dealer at an annual rate for 21%. He would pay the dealer $84.09 per month for 18 months. What is the cost for each plan? Which plan costs less? 3. A promissory note for $300 at 19% interest per year is due in 6 months. What is the total amount due? 4. Marion needs to borrow $5000. Plan Awill allow her to repay the $5000 in 6 monthly payments of $954. Plan B requires 18 monthly payments of $325. Which plan costs less? 5. The unpaid balance on a credit account was $7500.00. The annual interest rate IS 19%, or 1.58% per month. A$150.00 minimum payment IS reqwred. Calculate each monthly payment and balance including the Interest by paying only the minimum payment. How long will it take to pay 0 the entire balance? Use a payment calculator such as this one to calculate payments